Allied Gold Corporation

Thank you all for joining us this morning. Before I turn the call over, I need to advise that certain statements made during this call today may contain forward-looking information and actual results could differ from the conclusions or projections in that forward-looking information, which include but are not limited to statements with respect to the estimation of mineral reserve and resources, the timing and amount of estimated future production, cost of production, capital expenditures, future metal prices, and the cost and timing of the development of new projects. For a complete discussion of the risks, uncertainties, and factors which may lead to actual financial results and performance being different from the estimates contained in the forward-looking statements, please refer to Allied Gold's press release issued yesterday evening announcing Q1 operating and financial results. I would like to remind everyone that this conference call is being recorded and will be available for replay later on today. Replay information and the presentation slides accompanying this conference call and webcast are available on Allied Goals website at alliedgoals.com. I will now turn the call over to Daniel Racine, President of Allied Gold, please go ahead.

Good morning, everyone, and thank you for joining us. I wanted to take this opportunity to provide an update on operational improvements, project progress, sustainability initiatives, and business in our business in general. Peter, Jason, and the rest of our senior management teams are here, and they'll be available during the Q&A at the end of the presentation. Before we start, let me remind everyone that we will have our shareholders annual general and special meetings at 11 today, available online or in person at the Conservatory Lounge at 150 King Street West on the 16th floor. It will also be available for replay and the details are available on our website. Peter will be officiating that meeting. I'll start by highlighting our strong start for 2025, building on a strong finish in 2024 and the operational improvements we have been working on. Production for the quarter came in slightly above what we planned at over 80,000, 84,000 ounces at an all in sustaining cost of 1,811 per ounces sold. We are executing on our growth strategy We continue to improve and optimize our operation, and we are advancing our transformative project at Kermuk and Cediola on schedule and on budget. Our balance sheet remains strong, ending the quarter with a cash balance of $232 million, which was further improved with ABLE's equity offering. We have improved our sustainability framework and performance. with slightly better health and safety metrics in Q1 compared to the same period last year. We've made strategic leadership changes, including completing the transition of our chief exploration officer role, and we continue to enhance our technical and management capability at the site. Progress continues toward our new stock exchange listing for which we're aiming for mid-June, which should enhance trading liquidity and index eligibility. At Sudnura, we are advancing strategic arrangements, including power supply alternative and partnership, while we are also in discussion with the local authorities to pursue potential new opportunities. Finally, as this happened subsequent to the quarter end, we've recently extended our gold price protection program with a net zero cost collar. The program ensures a minimum price of 3,048 per ounces and a full upside to $4,000 per ounces on gold production. It is approximately 1,500 ounces per month from June 2025 through the end of March 2026. equaling a total of 155,000 ounces. This represents approximately 75% of the total production in that period. Putting this in place is consistent with advice we've received from our shareholders, and it ensures robust margin and cash flows as we complete the development of Kermuk. Financially, we delivered strong results with revenue of over 346 million an operating cash flow of nearly $145 million. Adjusted net earnings were $0.14 per share, up significantly from last year. As I noted before, our cash balance at the end of the first quarter stood at $232 million, which was augmented with an equity offer in April for approximately $65 million in gross proceeds. In summary, a strong start of the year and making good progress in all areas. I will now hand the call over to Johan to discuss our operating performance.

Thank you, Daniel, and good morning, everybody. Indeed, we have a good start to the year, and I feel very proud of the team's performance and achievements. In particular, the improved safety metrics and leading indicators compared to last year. we remain committed to improve our safety and our sustainability performance. At Stereola, production was nearly 45,200 ounces with higher grades as planned and underpinned by all contribution from Corali. We have also upgraded the plant instrumentation and improved automation capabilities to reduce cost and improve our plant performance. On cost, we achieved ASEC of near $1,800 per ounce, in line with our expectations, despite higher gold price and related higher royalties. A note in our disclosure during the quarter, we have priority to the ore to Kerali, maximize cash flow, given its higher grade and higher recoveries. We've expected contributions are for Kerala to reduce by the third quarter as other oxides or sources are put into the production line, like Sekakoto West and Timbali. And then further in the fourth quarter, we expect to have the first expansion phase in production, which would allow us to produce higher grade fresh rock and establish a platform of production between 200,000 and 230,000 ounces per year. Bonnecroe produced near 19,700 ounces in line with plan and driven by a strong mill throughput. Cost performance was in line with expectations with ASEC of $1,582 per ounce. We continue to advance the stripping activities which will expose higher grades, or in the latter part of the year, which we expect to drive strong production in the fourth quarter and underpin the performance in the following years. Aqbao delivered nearly 19,100 ounces, benefiting from higher grades in some of the areas and improved plant throughput. Our team continues to enhance productivity, grade control, and sequencing, aiming to increase grades in the future quarters. Across the portfolio, we are executing well and on track towards guidance. If I can step over to slide 5 and the progress at Kermuk. Moving to Kermuk, the project is progressing well with construction on schedule and budget. Safety is also a priority in the project and we are very proud to share accomplished 1 million man hours during the quarter without lost time in the project. Mining activities started in the first quarter ahead of schedule using our pioneer fleet and established access to Dish Mountain and progress in Ashishire. We have our gym in place and we are building our team in anticipation of the main fleet arrival. which is on route and shown at the top left picture. As you can see on the right slide, we are busy advancing concrete activities in the plant area with the CIL circuiting, crushing and ball mill foundations completed in the quarter and the sag mill foundation poured recently. Steel fabrication is progressing well and main equipment transportation to site is also ongoing and progressing according to plan. The main water dam was almost complete. As you can see at the bottom left image, other infrastructure works are advancing well. We spent nearly $54 million in the quarter, and we expect to see a ramp-up of capital expenditure quarter over quarter as construction activities continue to ramp up. We remain on track for substantial mechanical completion in late 2025 and the first gold in mid-2026. If we step over to slide six and the guidance, I don't propose to go over all the figures on this slide as it has been disclosed before, but I will focus on key messages We are well positioned to meet our annual production guidance of 375,000 to 400,000 ounces. At ASIC, between 1,619 and 1,790 per ounce. As we discussed, we expect a 45-55 split percentage from the production first to the last quarter, the first half of the year to the last half of the year. And Q4 will be our strongest quarter, mostly driven by seriola expansion and the increased grade from Bonnie Crow. As noted before, we are on track to well achieve our targets and deploy capital in the growth projects. And to explain how the tracking against the exploration plan, I'd like to pass over to Don.